by Jackie Tammaro
July 23, 2026
Categories: News,
At the Navy Yard, we’ve always believed that strong industries are built through strong partnerships.
From our historic roots in shipbuilding to today’s thriving business campus, the Navy Yard has evolved into a place where employers, innovators, workforce organizations, and public-sector partners come together to drive economic growth. As home to Hanwha Philly Shipyard, Rhoads Industries, a strong U.S. Navy presence, and a growing network of manufacturers, suppliers, and maritime businesses, we’re proud to continue building on that legacy.
That’s why we’re excited to be part of JPMorganChase’s recently announced $24 million investment in Philadelphia’s shipbuilding industry. The initiative, which includes a combination of grants and loans, brings together organizations across the region to strengthen the maritime ecosystem by supporting workforce development, expanding opportunities for small businesses and suppliers, and fostering collaboration across the industry.
The announcement was celebrated at the global headquarters of URBN here at the Navy Yard, bringing together leaders from business, government, and workforce organizations to discuss the future of shipbuilding in Philadelphia. It was a fitting place for the conversation. Every day, the Navy Yard demonstrates what’s possible when industry, innovation, and partnership come together in one place.
For PIDC, as Philadelphia’s public-private economic development corporation, this investment reflects more than funding. It reinforces the collaborative approach we’ve embraced for years, bringing together employers, the City of Philadelphia, workforce organizations, and community partners to ensure the Navy Yard’s growth creates opportunities for businesses and residents alike.
“Philadelphia has always been a city that builds. Strengthening the shipbuilding ecosystem is an opportunity to create quality jobs, support local businesses and invest in the workforce that will power the next generation of advanced manufacturing and industrial growth,” said Jodie Harris, President of PIDC. “This initiative, made possible by JPMorganChase’s strategic investment and partnership, demonstrates how cross-sector collaboration can help Philadelphia compete, attract investment and contribute to industries that are critical to America’s economic growth and prosperity.”
As one of the organizations receiving support through the initiative, PIDC will partner with DVIRC to strengthen the region’s manufacturing ecosystem by supporting small to mid-size businesses in modernizing their operations to better position themselves for participation in maritime, defense, and related industrial base opportunities. The funding will also support PIDC Community Capital, our Community Development Financial Institution (CDFI), expanding access to capital and resources that help small businesses and suppliers grow and compete. Alongside partners like The Skills Initiative, these efforts reflect a shared commitment to strengthening Philadelphia’s maritime workforce, supporting local businesses and creating greater economic opportunity across Philadelphia.
As the Navy Yard continues to grow, so does the opportunity to strengthen Philadelphia’s position as a national leader in maritime manufacturing and innovation. Investments like this help reinforce that momentum by supporting businesses and by investing in the people who will power the industry’s future.
We’re grateful to JPMorganChase and our regional partners for recognizing the importance of investing in both industry and people. We look forward to continuing this work and ensuring the Navy Yard remains a place where businesses can grow, innovation can thrive, and more Philadelphians can build rewarding careers for generations to come.
see how the navy yard is growingA hub for jobs, innovation, & investment
From expanding companies to new partnerships, the Navy Yard continues to create opportunities that strengthen Philadelphia’s economy. Explore the latest updates and see what’s ahead.